Usdcad

[dzver]

Hello guys

I'm watcihng this pair for quite some time. If you look at MN1 and W1 charts they both show divergence.Can that be a price bottom and new up trend incoming ? Or just a deep corection ?

Thank you in advance.

Regards

Vladimir.

[topchess]

I think it's a deep correction to the broader bearish trend.

[PipDiddy]

In the medium term, if it can stay above 1.15, I look for it rise above 1.18.

[dzver]

Thank you guys

I'll keep eye on that pair it's a bit early.If it confurm my patterns i will enter for a long trade with target few weeks ahead for a up trend.But it's too early i think.


Happy trading

Vladimir.

[hello1234]

its on key weekly resistance area and last week session mostly trying to test that area with first three session consolidation and finally bulls giving in battle to bears. it should go down next week possibly. but oil prices may have an impact which needs to be considered. if oil prices go down it will go down and vice versa

[topchess]

Originally Posted by hello1234

its on key weekly resistance area and last week session mostly trying to test that area with first three session consolidation and finally bulls giving in battle to bears. it should go down next week possibly. but oil prices may have an impact which needs to be considered. if oil prices go down it will go down and vice versa

I want to correct that when Oil prices go downwards, USDCAD will extend its rally or go upwards, and vice versa.

In terms of fundamentals, Crude Oil might take a steep bounce sooner or later towards 60-70USD levels as forecasted by analysis parties. That should not be too great for USDCAD longs, instead putting pressure on USDCAD downside (CAD Strength).

It's too early to speak this though.

[topchess]

Interesting 1-Week chart for USDCAD, I could change my thoughts just now.

It seems that USDCAD after its the most recent downtrend, have cleared the retracement of 38.28 fib which should make the next red line 1.1830 area marks the 50 fib level vulnerable.

Going to a higher swing high and a larger scale downtrend, it seems that it also broke through its 23.6 fib of its broader downtrend, by this making 1.2100 level into play which marks the 38.2 fib level and psychological.

But certainly, I am not going short at this stage.

[dzver]

Hi topchess

It's verry look to me like double bottom.

But i'm still waiting to confurm my patterns.

Regards

Vladimir.

[dzver]

Hello guys

Here a bit swing drawing.
I'm posting my chart and will be glad to hear some advice.Any one except me see what i'm seeing ? Or this is just my newbie atempt to scratch a lines at the chart.Any help will be appreciate.

Thank you in advance

Vladimir.

[topchess]

I do not use waves, but it's very clear the pair tested fibonacci resistance 1.1832..a clean close above the latter will target 1.2100 in the medium term.